During the estate planning process, considerations may be made for when one is not in a position to make crucial decisions on their own. One of the solutions to this is appointing a power of attorney (POA), which allows a designated individual to make decisions on behalf of the person granting the authority.
However, there may come a time when it becomes necessary to revoke this power of attorney. The revocation may be necessitated by different reasons, and it is essential to understand the process involved. This could include situations where the principal regains capacity, wishes to appoint a new agent or feels that the existing agent is not acting in their best interests.
Revoking the power of attorney involves several steps, including the following.
Notifying the agent in writing
Once you have made the decision to revoke the power of attorney, you should write to the agent to notify them of your decision. This notification should clearly state that the power of attorney is being revoked and include the date and time of the revocation. Providing this written notice is important, as it helps prevent any confusion regarding their authority moving forward. Make sure that you retain a copy of this notification for your records.
Notify all third parties
To make sure that the agent is not able to conduct any business on your behalf, it is also important to notify all relevant third parties who were aware of the power of attorney. This includes financial institutions, healthcare providers and any other entities that may have interacted with the agent based on the authority granted by the power of attorney. You can do this by sending them a copy of the revocation notice, along with any relevant documentation that confirms the change in authority.
If you are considering revoking power of attorney, it is important to get legal guidance to better understand the process and help make sure that all necessary steps are taken correctly.
